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Thursday, 20 May 1965

Senator FITZGERALD (NEW SOUTH WALES) - I direct my question to the Minister representing the Treasurer, ls there any truth in the statement that our overseas reserves are likely to fall by at least £170 million in the current financial year due to the collapse of prices of primary exports, the high level of imports and the slowing down of portfolio investment from overseas as a result of the imposition of the equalisation tax in the United States of- America? What steps does the Government intend to take to safeguard the Australian economy against the many problems that will inevitably arise unless these dangerous trends in our economy are rectified immediately?

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